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VGS Vgs Seismic Canada Com Npv

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Share Name Share Symbol Market Type
Vgs Seismic Canada Com Npv TSXV:VGS TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

VGS Seismic Canada Completes Winter 2007-2008 Seismic Creation Program in Northeast B.C.

20/03/2008 1:00pm

Marketwired Canada


VGS Seismic Canada Inc., ("VGS" or "the Company") (TSX VENTURE:VGS) has
completed its Northeast British Columbia (NEBC) seismic survey complementing the
Company's data creation and ownership growth strategy. The size of the newly
completed survey spans more than 190 square kilometres in an area known for its
multi-zone natural gas potential. On completion of the proprietary period VGS
will actively market licenses to this 3-D seismic data to its oil and gas
exploration clients. Purchasing a license to VGS's existing data helps clients
reduce risk and lower finding costs.


The topographically rigorous areas of NEBC strategically support VGS's data
creation goal of owning large-scale seismic surveys that are likely to have a
long shelf life. The Company is currently pursuing provincial approvals to
conduct seismic surveys in two areas of NEBC in the upcoming seismic season.


VGS's current 3-D library covers 5,017 square kilometres gross (4,852 square
kilometres net), involving a minimal number of partners and revenue share
obligations. With a disciplined approach of pursuing 100% title to the data
added to its library, the Company plans to generate a seismic annuity stream
through the sales of licenses to long-life, large-scale, 3-D seismic surveys
such as the next one planned for creation in NEBC. In addition to data creation,
VGS also builds its data library through purchases and trades of datasets. The
Company manages operating costs effectively by not engaging directly in field
operational activities and by executing its strategy with a small staff of
proven, senior-level professionals.


President and CEO Steven Vasey comments, "We are proud of the operational effort
to create new data over the last seismic season, and our operations group has
successfully supported the field effort to complete the program on time and
under budget. This survey is a significant investment in our data library, and
allows VGS to continue actively marketing new 3-D seismic licenses."


Based in Calgary, Alberta, VGS Seismic Canada Inc. identifies, creates and
markets digital seismic data for licensing to oil and natural gas exploration
companies. To date, the Corporation's growing data library is concentrated in
British Columbia, Southern Alberta and Eastern Saskatchewan. VGS shares trade on
the TSX Venture Exchange under the symbol VGS.


Forward-Looking Information

Certain information contained in this press release, including information and
statements which may contain words such as "could", "plans", "should",
"anticipates", "expects", "believes", "will", "forecasts", "budget" and similar
expressions and statements relating to matters that are not historical facts are
forward-looking information including, but not limited to, information related
to future: seismic surveys, data sales, revenue, cash-flow, seismic annuity
streams, expenditures, drilling activity levels, oil and gas prices and demand,
expansion and other development trends of the oil and gas industry; business
strategy, expansion and growth of VGS's business and operations, including VGS's
market share and other such matters. This forward-looking information is based
on certain material factors, assumptions and analyses made by VGS in light of
its experience and its perception of historical trends, current conditions and
expected future developments as well as other factors it believes are
appropriate in the circumstances.

However, whether actual results, performance or achievements will conform with
VGS's conclusions, forecasts, projections, expectations and predictions
expressed or implied by the forward-looking information in this press release is
subject to known and unknown risks and uncertainties which could cause actual
results to differ materially from VGS's conclusions, forecasts, projections,
expectations and predictions expressed or implied by the forward-looking
information in this press release, including: fluctuations in the price and
demand for oil and gas; fluctuations in the level of oil and gas exploration and
development activities; fluctuations in the demand for VGS's services; the
ability of VGS to raise capital and to meet its debt service requirements; the
ability of VGS's clients to raise capital for seismic data and surveys; the
ability of VGS to secure participants to conduct seismic surveys; the existence
of competitors; technological changes and developments in the oil and gas
industry; the effects of weather conditions on operations and facilities; the
seasonal impact on conducting seismic surveys; the ability of VGS to participate
financially in large seismic surveys due to increases in costs of conducting
such seismic surveys; the ability of VGS to protect its proprietary rights to
the seismic data; the existence of operating risks inherent in VGS's services;
the lack of availability of qualified personnel or management; VGS's dependence
on qualified seismic acquisition contractors to conduct seismic surveys; general
economic, market or business conditions, including stock market volatility;
changes in laws or regulations, including taxation and environmental
regulations; other unforeseen conditions which could impact the use of services
supplied by VGS and those risks and uncertainties described in VGS's continuous
disclosure filings, including those referred to in the Corporation's
Management's Discussion and Analysis for the most recently completed financial
year end, which may be found on SEDAR at www.sedar.com. If any of the above
risks or uncertainties materialize, or if the material factors, assumptions and
analyses applied by VGS are incorrect, actual results may vary materially from
those expected in the forward looking information in this press release.


Consequently, all of the forward-looking information contained in this press
release is qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by VGS, as
expressed or implied by the forward-looking information, will be realized or,
even if substantially realized, that actual results or developments will have
the expected consequences to, or effects on, VGS or its business operations.
Except as required by law, VGS assumes no obligation to update publicly any such
forward-looking information, whether as a result of new information, future
events or otherwise. Readers should not place undue reliance on forward-looking
information.


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